Common use of FIRST RIGHT OF OFFER Clause in Contracts

FIRST RIGHT OF OFFER. Following the initial leasing of the entire Building, at any time thereafter during (the term of the Lease, upon Landlord's determination to lease any Vacant Space within the Building, Landlord shall first deliver to Tenant a written notice of such availability ("VACANT SPACE NOTICE"). For a period of fifteen (15) days following Tenant's receipt of the Vacant Space Notice, Tenant shall have the right to negotiate with Landlord regarding the lease of the Vacant Space; provided, however, Landlord makes no representation or warranty regarding the then market rate which Landlord would be willing to accept or the likelihood of reaching agreement upon any lease documentation. In the event that Landlord and Tenant do not reach agreement upon such terms and conditions regarding such vacant space within such fifteen (15) day period for any reason, Landlord shall be free to negotiate with any third party the lease of such space, and Tenant shall have no further obligation with regard thereto, except as provided in Section 31 of this Lease. For the purpose of this Section, "VACANT SPACE" shall mean (1) no bona fide written lease agreement exists relative to such space, or (2) such space is due to become vacant because a tenant's lease has or will expire with no renewal provision.